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B. Krishnakumar

Ashok Leyland

The price movement was not in line with expectations. The overall bearish market sentiment along with the spike in crude oil prices appears to have played a major role in imparting a weak trend in the stock. This has, however, not invalidated the positive outlook for the stock.

The view of a rally to Rs 48-50 would be in force as long as the stop-loss level at Rs 38 is not breached. A close below this level would impart weakness and would delay the progress towards the target zone. Shareholders may remain invested with a stop-loss at Rs 38. Fresh exposures may be deferred.

Manugraph

Except for a positive trend on Monday, the stock ruled weak in the remaining two trading sessions of the week. Though the short-term outlook is bearish, the stock appears on course to move to the target zone of Rs 325-330 mentioned last week. After a drop to Rs 275-280, the stock is likely to resume the next leg of upward trend.

The long-term outlook remains positive and investors willing to wait may get to exit at Rs 395-400. Stop-loss for long positions may be placed at Rs 270. Fresh exposures may be considered on declines, with the same stop-loss. A close below Rs 270 will delay the progress towards the long-term target zone and would not negate the bullish outlook.

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